When a loved one is arrested and bail is posted, it can be hard to come up with the money that is needed because most people do not have large quantities of money readily available to them. Fortunately, many bail bonds will allow you to use different things as collateral for a bail bond loan. The following guide walks you through a few of the different types of collateral many bail bonding companies accept.
If you own your house outright, you can use it as collateral for the bail bond. The value of the home must be assessed higher than the value of the loan. The value must be so high because if the bond company has to sell the home to get the money that they lost when your loved one did not show up to court, they need to be sure that they can sell it for as much money as they lost to the court system; otherwise the loan would not be worth their time.
If you own any vehicles outright, they too can serve as collateral on a bail bond. Boats, motorcycles, RVs, cars, and trucks can all serve as great collateral for a bail bond. The title to the items must be surrendered to the company upon agreement to the bail bond terms to ensure that they can repossess the vehicle and sell it with ease if they need to.
Valuable jewelry can serve as collateral, as well. The jewelry must be made from real metals and the gemstones must be authentic. The company may require you to take the jewelry to be appraised before they will approve it as collateral though. You can often get jewelry appraised at any jewelry store or even at a local pawn shop.
Electronics that are of high value can sometimes be used as collateral for a bail bond. Expensive phones, laptops, and even televisions can be great collateral, depending on their value and condition.
Gold and Silver
If you collect gold and silver bars, the bail bond company will accept those as collateral. The gold and silver will only be worth the current fair market value of gold and silver, not the price you paid for them.
If you fail to pay the bail bond fees on time or the person you are bailing out of jail skips town, you will lose whatever you put up for collateral. You want to be sure that you fully trust the person before putting up a bond for them because losing your home or car for someone else's offense could create a devastating situation in your life.
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